U.S. worker productivity rose 3 percent in the third quarter, the best showing in three years, while labor costs fell for a second straight quarter. Labor costs fell 0.2 percent after an even bigger 1.2 percent decline in the second quarter. The third quarter figure for productivity was unchanged from an initial estimate while labor costs were initially estimated to have risen by 0.5 percent. It was the first annual decline in 34 years and followed a string of weak annual performances since the economy emerged from recession in mid-2009. Productivity has averaged annual gains of just 1.2 percent from 2007 through 2016, a sharp slowdown from average annual gains of 2.6 percent from 2000 to 20007.

Source: ABC News December 06, 2017 13:35 UTC